Having announced the deal in October, SFC acquired stationary hydrogen fuel cell assets ranging from 1.5-5kW in size installed at around 400 locations in Denmark, Norway, Sweden and Finland.
The acquisition also includes associated customer relationships and service contracts, as SFC aims to expand across Northern Europe.
SFC’s management team expects the acquired new business could bring in sales in the “mid-single-digit million Euro range” and contribute to its EBITA from 2025.
The deal came after Ballard announced a major restructuring in a bid to save 30% on its OPEX bill in preparation to weather a slow-down in the hydrogen market.
Including job cuts and a streamlining of operations, last month Ballard said it had deferred its final investment decision (FID) on its 3GW hydrogen fuel cell factory in the US until 2026.
In its Q3 2024 results, the Canada fuel cell firm saw its biggest revenue slip in its stationary power segment, which fell by 82% year on year to $0.5m
